Curaleaf Expands Retail Footprint in Utah with Acquisition of Deseret Wellness
LOS ANGELES–Curaleaf, a leading global provider of cannabis products for consumers, has announced the successful acquisition of Deseret Wellness – the largest cannabis retail operator in Utah. This acquisition has expanded Curaleaf’s retail footprint to four dispensaries in Utah and a total of 150 nationwide.
The CEO of Curaleaf, Matt Darin, has expressed excitement about this acquisition, stating that it provides Curaleaf with an opportunity to bolster its medical footprint in Utah with an attractive portfolio of retail assets. With an annualized revenue run rate of US$14 million, the three retail dispensaries located in the cities of Park City, Provo and Payson are set to provide high-quality cannabis products to an expanded base of Utah medical patients.
Boris Jordan, the Executive Chairman of Curaleaf, described Deseret as an excellent strategic fit for the company as it continues to expand its retail footprint in key emerging markets. The acquisition of Deseret will enable Curaleaf to better serve Utah’s rapidly expanding medical program, which recorded record-breaking sales of US$118.7 million last year.
The cash and stock transaction valued at approximately US$20 million has been successfully completed, and the Board of Directors and management team of Curaleaf are pleased to officially welcome Deseret to the Curaleaf family. With this acquisition, Curaleaf continues to grow and establish itself as a leading provider of cannabis products for consumers worldwide.
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